- Growing utilization of bonded magnets in the automotive sector due to their lightweight characteristics is anticipated to support growth of the bonded magnet market over the forecast tenure
- Rare-earth high-performance magnets, which are used in the manufacture of electric vehicles, wind turbines, and electronics are driving market growth
ALBANY, N.Y., April 5, 2021 /PRNewswire/ -- Bonded magnets are composites that are made up of a fixed magnetic powder or powders incorporated into a form of non-magnetic matrix. An elastomeric or thermoplastic binder is commonly utilized for this sort of matrix. Bonded magnets are known as one of the most important magnetic materials and it comes with a broad variety of applications, which is likely to boost global bonded magnet market in the years to come. To make injection moulded, compression, and flexible magnets, various types of thermo-plastic resins and thermo-elastomer are combined with various types of magnetic powders.
Rare-earth high-performance magnets play a critical role in the manufacturing of electric cars, wind turbines, electronics, and various other goods, leading to the rapid growth of the market. Polymer-bonded rare-earth magnets are compatible with 3D printing technology and injection moulding applications, so manufacturers are expanding their manufacturing capabilities. In addition, these magnets have received a lot of attention because of their shape flexibility and corrosion resistance. Import duties, on the other hand, raise the cost of production for firms in the bonded magnet industry in Europe, since these companies obtain uncommon earths from places out of Europe. Firms are stepping up their efforts to improve industrial recycling practices in order to reduce import duties.
The global bonded magnet market is expected to rise at a rate of ~6% CAGR, surpassing US$ 3 Bn by 2030. In the near future, the electrical and electronics sector is expected to provide lucrative prospects for the global bonded magnet market.
Flourishing Consumer Electronic Sector to Offer Highly Lucrative Opportunities
Manufacturing companies in the global bonded magnet market are observing increased opportunities with the expansion of the consumer electronics sector. Complicated shapes, high efficiency, and miniaturization are all coming up as trends for these small magnets. To improve magnetic efficiency, businesses in the global bonded magnet market are continuing to increase their endeavours to fabricate neodymium iron boron-based permanent magnets utilizing hot deformation and sintering methods. Hot deformation and sintering for complex-shaped magnets, on the other hand, is likely to increase the cost of manufacturing. As a result, companies are leveraging the bonding process to produce neodymium iron boron-based permanent magnets with greater shape diversity.
In the manufacturing of electronics and e-bikes, diversity of shapes in bonded magnets is strongly favoured. Manufacturing companies are doing this by utilizing binders such as strong epoxy resins, which have the benefits of being hassle-free for process and molding. They are continuously updating their research and development activities to provide high temperature tolerance in bonded magnets.
Lightweight Properties of Bonded Magnet to Accelerate its Uptake in the Automotive Industry
The acceptance of bonded magnets in the automotive sector is anticipated to support growth of the global bonded magnet market owing to their lightweight properties. A bonded magnet is utilized in a number of electrical devices that are used in daily life. These are used in a variety of electronic devices, including cell phones, DVD and CD drivers, printers, and hard drives. Audio devices, such as microphones, headphones, and speakers often make use of bonded magnets. In speakers, these magnets are utilized in conjunction with an electric current carrying coil, which changes electrical energy into mechanical energy and then it drives the speaker cone. As a consequence, the pressure of the ambient air changes, resulting in sound. Hence, the global bonded magnet market is expected to expand due to the increased use of bonded magnets in electronic devices.
Bonded magnets are utilized in numerous electronics and electrical applications. It can be utilised in hard drives, printers, scanners, and cell phones among other things. As a result of their widespread use in electronic devices, the development of the electronics sector is expected to fuel demand for bonded magnets.
Given their cost-effectiveness and superior performance over alternatives such as sintered magnets, these magnets are commonly utilized in many of the electronic devices. All types of sensors and motors, which are crucial parts of any electronic system, make use of bonded magnets as a major component.
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